Reference no: EM133110564
Assignment - Digital Volleyball Academy Case
Case - Below is a list of transactions for Digital Volleyball Academy Inc. Record each transaction and create a balance sheet. When you're recording the transactions, put the transaction number beside each entry.
Transactions
1. On January 1st, 2025, Mr. Singh invests $50 000 in a company called Digital Volleyball Academy Inc.
2. Bought pens, pencils, and paper for $500.
3. Bought a computer, printer, and camera for $2000 on account.
4. Purchased balls, a ball cart, and a net on account for $2000.
5. DVA reached out to LeBron James to do a social media post for them. Since Lebron is friends with Mr. Singh he only did it for $5 as opposed to the $50 000 he normally charges.
6. Trained Michael Jordan and Steph Curry for $500 each. Jordan paid in full but Steph only paid half.
7. Paid a mechanic $500.
8. Paid off the balls, ball cart, and net.
9. Bought a facility for $15 000. $5000 was paid in cash and the rest on a loan.
10. Mr. Singh withdraws $1000 for personal use.